Naira Gains Strength as CBN Announces $1.5 Billion Forex Influx in March
The Central Bank of Nigeria (CBN) has announced that the Nigerian economy recorded a significant foreign exchange (FX) inflow of over $1.5 billion in March, indicating positive outcomes from its monetary policy interventions.
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Hakama Ali, the acting director of the CBN’s corporate communications department, revealed this in a statement released on March 29, 2024.
According to Ali, the influx of FX reflects the success of the CBN’s efforts to stabilize the foreign exchange market.
Ali highlighted that the data available to the CBN underscores the effectiveness of its initiatives in bolstering the economy.
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She emphasized that the concerted efforts to stabilize the foreign exchange market have yielded tangible results, as evidenced by the substantial inflows recorded in March.
Moreover, Ali noted a favorable trend in the value of the Nigerian naira in the autonomous foreign exchange market.
She disclosed that the naira has exhibited resilience and continued to gain strength, trading at N1,309/$1 on Thursday. This marks a notable improvement from its exchange rate of N1,611/$1 reported in the second week of March 2024.
Ali affirmed that the trajectory of the naira reflects positive momentum and underscores the effectiveness of the monetary policies implemented under the leadership of Yemi Cardoso, the CBN governor.
She reiterated the administration’s unwavering commitment to ensuring market stability and maintaining the appropriate pricing of the naira relative to other major currencies globally.
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